Feb. 12--Shares of Leawood-based Euronet Worldwide Inc. fell sharply Wednesday following the company's earnings report the previous day.
The stock was down $3.27 or 7.4 percent, at $40.78 in morning trading. At one point, the price had fallen to $37.60, a drop of 14.6 percent from Tuesday's closing price.
Euronet had said it earned $10 million, or 19 cents a share, in the final months of 2013 after having lost money in the same period a year earlier.
The electronic payments processor profited despite taking an $18.4 million charge against its earnings related to its e-payment businesses in Australia and Spain. Its charge reflects a change in the recorded value of the businesses based on a year-end review of their values, rather than a loss of money from running them.
A year ago, Euronet had reported a similar $28.7 million charge related to its e-payment business in Brazil. The charge a year ago contributed to the company's $13 million fourth-quarter loss that equaled 26 cents a share.
Independent of the charges, Euronet's operating earnings were up 29 percent, the company said.
Chief executive Michael J. Brown said in the company's announcement that all three of Euronet's businesses -- electronic funds transfers, epay and money transfers –produced higher revenues in the recent quarter.
"This earnings expansion is primarily the result of double-digit annual operating income growth from all three segments, driven by exceptional work of our employees to add more devices, more products and more locations to our portfolio," Brown said.
Revenues rose 6.9 percent to $375.4 million in the recent quarter from $351.2 million a year ago.
For all of 2013, Euronet earned $88 million, or $1.69 a share, compared with $20.5 million, or 40 cents a share, in 2012.
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